Sphera Management Technology Funds Ltd acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 20,000 shares of the semiconductor manufacturer's stock, valued at approximately $4,637,000. Broadcom accounts for approximately 2.7% of Sphera Management Technology Funds Ltd's holdings, making the stock its 7th largest holding.
Other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $26,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have recently commented on AVGO. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Citigroup lowered their target price on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.
Check Out Our Latest Report on Broadcom
Insiders Place Their Bets
In related news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 over the last 90 days. Corporate insiders own 2.00% of the company's stock.
Broadcom Stock Performance
AVGO traded up $1.05 on Tuesday, hitting $231.68. 11,749,421 shares of the stock traded hands, compared to its average volume of 31,130,408. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88. The firm has a market capitalization of $1.09 trillion, a PE ratio of 188.97, a P/E/G ratio of 2.29 and a beta of 1.04. The business has a fifty day moving average price of $188.62 and a two-hundred day moving average price of $200.27. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.02%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.
Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.
Broadcom Company Profile
(
Free Report)
Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.
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